This interesting American Centennial banner dates to 1876, and is a rendition of the George Washington's Guards flag [also known as the Commander-in-Chief's Guard] , which is on display at the the George Washington Masonic National Memorial in Alexandria, Virginia.

On March 11th, 1776 George Washington issued the following orders:

"Head-Quarters, Cambridge March 11, 1776
The General is desirous of selecting a particular number of men as a guard for himself and baggage. The Colonel or Commanding Officer of each of the established regiments, the artillery and riflemen excepted, will furnish him with four, that the number of wanted may be chosen out of them. His Excellency depends upon the Colonels for good men, such as they can recommend for their sobriety, honesty and good behavior. He wishes them to be from five feet eight inches to five feet ten inches, handsomely and well made, and as there is nothing in his eyes more desirable than cleanliness in a soldier, he desires that particular attention be made in the choice of such men as are clean and spruce. They are to be at headquarters tomorrow precisely at 12 o'clock at noon, when the number wanted will be fixed upon. The General neither wants them with uniforms nor arms, nor does he desire any man to be sent to him that is not perfectly willing or desirous of being in this Guard. - They should be drilled men."

Additional reading on Washington's Guard, including the article on the flag is available here -
Size is about 135 x 95 cm. Silk is broken and frail along the fold lines, and the flag would merit professional restoration to be displayed properly. The central image is quite clear, with no damage in the image area.
A wonderful American Revolutionary War commemorative piece!